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Theme: Don’t Believe the Backpedaling

Interview: 2022 Annual Wrap Up: Pharma Food with Elze van Hamelen

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168 Comments

  1. I’m working through Covid and Coffee 03/11/23 and it looks like the Bail Ins may have begun:

    “California Silicon Valley Bank (SVB) cratered yesterday, becoming the second-biggest bank failure in U.S. history. 

    According to yesterday’s regulatory filings, the crisis was provoked on Wednesday night when credit-rating agency Moodys dropped SVB’s credit score. That caused the bank’s stock to drop sharply by about 60% first thing on Thursday morning. The plunging stock price spooked already-antsy depositors, who rushed to grab their cash as fast as they word could spread, before something worse happened.

    Something worse happened late Thursday afternoon when the bank’s website and all its ATMs went offline. Then, at 9am sharp yesterday morning, federal regulators took over the bank.

    Without a government bailout or a white-knight buyer, SVB depositors with combined balances over $250,000 immediately lost access to the excess, and will eventually just get a teeny-tiny payment from the bank’s liquidation, at pennies on the dollar.”

  2. On the Bail In’s and the FDIC chair discussing their necessity in an FDIC their internal meeting, here is the response I got from the FDIC:

    Thanks for writing in.

     

    The video you reference is from the FDIC’s Systemic Risk Advisory Council meeting, which is a public meeting broadcast live on our website and archived: https://www.fdic.gov/about/advisory-committees/systemic-resolutions/  

     

    We understand that there are persistent rumors that the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 allows consumers’ insured deposits to be ‘bailed in’ to absorb losses of a failed bank. This is not true.

     

    The Dodd-Frank Act resolution provisions can only apply to systemically important financial companies (but not FDIC-insured banks). The Dodd-Frank Act requires the FDIC to allocate losses to shareholders and certain creditors of the failed financial company, not taxpayers and certainly not insured depositors. FDIC-insured banks are, as they have been since 1934, resolved under the Federal Deposit Insurance Act.

     

    Depositors are protected should their FDIC-insured bank fail. Their insured deposits cannot be ‘bailed in’ during any resolution process. Neither the Dodd-Frank Act nor the Federal Deposit Insurance Act allows for the conversion of insured deposits to equity.

     

    You’re welcome to review our Deposit Insurance webpage and FAQ for more information.

    The responder does not explain the FDIC’s comments about the necessity of Bail In’s to cover it’s $8.8 Trillion shortfall. That, and today’s volatility, made me view the FDIC’s response as underwhelming. Dodd-Frank could be voted out in one day.

    I see violence coming if the government starts taking money out of American’s bank accounts…and the BOA event with it’s Telle system could have been a trial balloon.

  4. Here is a very conclusive report of the Nordstream-Detonations
    https://seymourhersh.substack.com/p/how-america-took-out-the-nord-stream

    Here is the flightpath of the mentioned P8.
    https://twitter.com/laxfich_gecko/status/1623392609593970689
    Maybe someone with a flightradar24 silver account can confirm it.

    Here are on-site pictures of the damage
    https://twitter.com/search?q=OSINT%20nordstream&src=typed_query&f=top
    The debris is so huge that anything (material weakness, some u-boad collision,..) but explosives can be rules out.

    I’m from Germany, this affected me personally, thank you USA.
    Also f*** Norway.

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